The China Academy of Information and Communications Technology (CAICT) has unveiled a groundbreaking special test for AI glasses, issuing the inaugural test report on RayBan-Meta AI glasses. Encompassing seven core modules and over 60 test indicators, this report establishes the world's first comprehensive evaluation framework for AI glasses. As smart wearable devices, AI glasses have witnessed remarkable advancements in functionalities, encompassing voice and image recognition, real-time translation, and multimodal interaction. Projections indicate that from 2025 onwards, AI glasses will swiftly penetrate the traditional glasses market, amidst steady sales growth. By 2035, sales of AI glasses are anticipated to reach 1.4 billion pairs. Concurrently, IDC data estimates that global AI glasses penetration will attain 20% by 2030.

This article, part of the Enterprise Value series focusing on [Profitability], scrutinizes 35 key players in AI glasses' core components. Evaluation metrics include return on equity (ROE), gross profit margin, and net profit margin, based on historical data for static analysis only and not intended as investment advice.

Here are the top ten enterprises in profitability for AI glasses' core components:

10. Mingyue Optical. Industry Segment: Cultural Supplies. Profitability: ROE 11.34%, Gross Margin 55.41%, Net Margin 20.92%. Performance Forecast: ROE has fluctuated between 9%-15% over the past three years, with the latest forecast averaging 10.97%. Main Products: Lenses, accounting for 83.08% of revenue with a gross margin of 63.48%. Company Highlights: Mingyue Optical pioneers in lens optical and film layer structures, offering lenses for high refractive index, smart photochromic, myopia prevention, and progressive multifocal applications. Some myopia correction products are compatible with VR products.

9. Crystal Opto-Electronic. Industry Segment: Optical Components. Profitability: ROE 7.00%, Gross Margin 26.17%, Net Margin 12.62%. Performance Forecast: ROE has consecutively risen to 7.15% over the past three years, with the latest forecast averaging 10.74%. Main Products: Optical components, accounting for 46.91% of revenue with a gross margin of 27.74%. Company Highlights: Crystal Opto-Electronic supplies critical optical components for AI glasses, including optical waveguide lenses. It has a footprint in volume holographic technology for reflective and diffractive optical waveguides, with the former achieving high resolution, full-color display, and a wide field of view.

8. StarChip Technology. Industry Segment: Digital Chip Design. Profitability: ROE 36.83%, Gross Margin 41.40%, Net Margin 20.68%. Performance Forecast: ROE has consecutively declined to 10.38% over the past three years, with the latest forecast averaging 10.23%. Main Products: Intelligent security, accounting for 68.66% of revenue with a gross margin of 33.58%. Company Highlights: StarChip Technology invests in AI glasses chip R&D and is collaborating with customers, aiming to launch products in 2025.

7. Fortune Technology. Industry Segment: Other Electronics. Profitability: ROE 5.63%, Gross Margin 10.62%, Net Margin 2.41%. Performance Forecast: ROE has consecutively fallen to 3.43% over the past three years, with the latest forecast averaging 9.98%. Main Products: Digital communication chips and system-level applications, accounting for 18.78% of revenue with a gross margin of 6.26%. Company Highlights: Fortune Technology is a major AI glasses module supplier to ByteDance. Its smart wearable SoC chips power customers' AI glasses, providing core computing capabilities.

6. EVE Energy. Industry Segment: Lithium Batteries. Profitability: ROE 16.02%, Gross Margin 18.35%, Net Margin 12.67%. Performance Forecast: ROE has consecutively declined to 12.48% over the past three years, with the latest forecast averaging 11.61%. Main Products: Power batteries, accounting for 41.52% of revenue with a gross margin of 11.45%. Company Highlights: EVE Energy specializes in consumer, power, and energy storage batteries. It has developed a 4.48V fast-charging lithium-ion battery for VR glasses.

5. Biyi Co., Ltd. Industry Segment: Kitchen Small Appliances. Profitability: ROE 27.26%, Gross Margin 18.72%, Net Margin 10.71%. Performance Forecast: ROE has consecutively fallen to 19.27% over the past three years, with the latest forecast averaging 12.34%. Main Products: Air fryers and air ovens, accounting for 90.75% of revenue with a gross margin of 16.70%. Company Highlights: Biyi Co., Ltd. is China's largest supplier of AR glasses' optical waveguide modules. It operates a 100,000-unit production line and is initiating a 1 million-unit capacity expansion.

4. Will Semiconductor. Industry Segment: Digital Chip Design. Profitability: ROE 13.95%, Gross Margin 29.00%, Net Margin 8.74%. Performance Forecast: ROE has consecutively declined to 2.98% over the past three years, with the latest forecast averaging 13.46%. Main Products: Semiconductor design and sales, accounting for 86.16% of revenue with a gross margin of 32.10%. Company Highlights: Will Semiconductor's LCOS products bolster economic adaptability and solution feasibility for emerging markets like AR/VR, including AI glasses.

3. Biwin Storage. Industry Segment: Digital Chip Design. Profitability: ROE -5.53%, Gross Margin 11.01%, Net Margin -3.57%. Performance Forecast: The highest ROE over the past three years was 8.58%, with the latest forecast averaging 16.82%. Main Products: Storage products, accounting for 94.92% of revenue with a gross margin of 25.52%. Company Highlights: Biwin Storage provides ROM+RAM memory chips for Meta's AI smart glasses Ray-Ban Meta, deploying its ePOP series products.

2. Lightech. Industry Segment: Optical Components. Profitability: ROE 9.20%, Gross Margin 43.25%, Net Margin 27.78%. Performance Forecast: ROE has fluctuated between 6%-12% over the past three years, with the latest forecast averaging 15.51%. Main Products: Optical prisms, accounting for 53.76% of revenue with a gross margin of 23.24%. Company Highlights: Lightech's glass wafer products, processed into optical waveguide sheets, are used in imaging modules of head-mounted smart wearables like AR headsets.

1. Rockchip. Industry Segment: Digital Chip Design. Profitability: ROE 12.98%, Gross Margin 37.31%, Net Margin 14.37%. Performance Forecast: ROE has consecutively declined to 4.53% over the past three years, with the latest forecast averaging 15.15%. Main Products: Chip sales, accounting for 99.25% of revenue with a gross margin of 35.70%. Company Highlights: Rockchip's flagship chip RK3588S powers the Xrany Space1 AR smart glasses terminal, tailored for cultural tourism exhibition scenarios.

Below are the top ten enterprises in profitability for AI glasses' core components, showcasing their ROE, gross margin, and net margin over the past three years: